Buyers usually have many questions about the process of buying a house. Love The Green Real Estate Consulting Firm offers detailed information on our website in the Buy Section and on YouTube. Today we thought we’d answer some of the most common questions.
What is the difference between a Realtor and an Agent?
Although both must be licensed to sell real estate, the main difference between a Real Estate Agent and a Realtor is the latter is a member of the National Association of REALTORS®. A Realtor must subscribe to the Realtor Code of Ethics which includes 17 articles. Many consumers only want to work with a Real Estate Agent who has sworn to treat all parties fairly and honestly.
When can I start looking at properties?
Several things need to happen before we start looking at properties. First, if you are getting a loan, you need to meet with a lender (we can recommend some for you) to find out how much you qualify for. Next, we will meet and talk about the home buying process in NC, and your wants and needs concerning your future purchase. Then you need to provide all the paperwork necessary to be pre-approved. At this point if you are ready to buy in the next 90 days, then we will start looking at houses.
If I call or email a Realtor about a house I saw online, who is the Realtor working for?
If you have not signed a buyer agency agreement, the Realtor is working for the seller.
Can I work with more than one Realtor?
It is possible that you may have some part-time or inexperienced Realtors who are willing to show you a few houses without requiring you to sign a Buyer Agency Agreement. However, they may not be working for you – they may be working for the seller.
How do I know if the Realtor is working for me?
You will sign a Buyer Agency Agreement that states the time period and who you are working with. This agent or team will be your contact point for all homes you want to know more about, call for information on “For Sale By Owner” (FSBO) properties, and stay in touch with you.
How does a Buyer's Agent get paid?
Realtors are usually paid on commission at the close of the sale of a house. In most cases, the Buyer’s Agent is paid by the seller as part of the listing agreement. Top professional buyer agents and teams usually request a retainer fee from the buyer since real estate is their full-time business and are not in the learning stage. It is possible for Buyer Agents to be paid by the buyer at the beginning of the search. This is part of consulting services and is often used by experienced investors.
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